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Its often said that if you want to make an estimate about a persons financial well being, you should probably check out the phone they're using because Rolex is now a thing of past because most of the people today prefers fitness bands or nothing on their wrists.
Owning an iPhone is considered bit of a status symbol. But after a study conducted on the matter, It seems that owning an iPhone might say more about your finances than you previously thought.
The research paper comes from University of Chicago economists Marianne Bertrand and Emir Kamenica. In their research, Bertrand and Kamenica found that no individual brand is as predictive of high income as owning an iPhone. Across all years in our data, no individual brand is as predictive of being high income as owning an Apple iPhone in 2016, the paper states.
The paper explains that owning an iPhone gives the researchers a 69.1 percent chance of correctly predicted that the owner was a high income person. The researchers describe high income as being in the top quartile of income for households of that type.
Owning an iPad is also a good indicator of wealth according to the research, but to a slightly lesser extent at 66.9 percent. Owning an Android phone gives the researchers a 59.5 percent chance of correctly predicting wealth status maybe because Android phone comes in various price ranges but iPhones are something Premium with a relatively high price tag.
This paper incorporates data from Mediamark Research Intelligence, which had a sample size of 6,394. Anyway, if you're fortunate enough to own an iPhone then you can consider yourself rich.
